People Who Do Not Qualify For a Bank of America Loan Modification

Homeowners who are behind on their mortgagein default, but are quite probable candidates for
payments with Bank of America have an opportunityforeclosure in a very short time.
to rework their mortgage through a Bank of AmericaAnother person who does not qualify for this program
Loan Modification, if they qualify. Bank of America is ais someone who has had no real change in income,
participating lender in the President Obama's Makingexpenses, or house payment amount, but does not
Home Affordable Program. It is funded with $75 billionmanage their income well. They are poor money
dollars of Stimulus Bill money that is set aside to helpmanagers, not victims of financial hardship. This
struggling homeowners avoid foreclosure and keepprogram is not for them.
their homes. It is also hoped it will stimulate the realIf your Bank of America Mortgage was signed after
estate market, which is also struggling.January 1, 2009, you are not eligible for this program.
There are people, however, who do not qualify for thisLikewise, if the loan amount is more than $729,750, the
program. The program is not aimed to help peoplemortgage itself does not qualify.
who just want to free up some extra money eachIf your loan is through Bank of America, but is not
month to travel a little more. If you are just trying toserviced by Fannie Mae or Freddie Mac, your loan is
figure out how to have some more expendablenot eligible to be modified through the Making Home
income each month, this program is not for you. ThisAffordable Program. However, if it is, and you qualify
program is for people who are already in default onto apply, your home cannot be foreclosed until Bank of
their Bank of America mortgage and facingAmerica considers your application for a Bank of
foreclosure. Some people may qualify who are not yetAmerica loan modification.